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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons to your own works. You build a community of individuals interested in your work, another usage of a blog that will double-duty for this passive income plan, and then ask them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of this job. So for a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your site or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders that are always happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling through Amazon FBA. This is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market your own products.
It was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even set your tag on it. Then you just run your advertising and sell everything from the webpage on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the blog from people who have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 a month is readily achievable in less than that.
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Making legitimate passive income isnt as hard as you may think. A number of the very best passive income thoughts may take a little time to set up but can start money flowing within a few months and will offer a consistent monthly income for years or more. The most important point is simply to get started.
In part three of this series we will go over the differences between remaining income and passive income. These two phrases are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. try this Passive income essentially includes check out this site any money you make without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income the person does not have to be directly involved with all the money they are making.
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Residual income includes payments that you will get after a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets for a film or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which allows you to continue to make money from your work.
Residual income can eventually turn into passive income over time, since you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, It's time to learn about some of the most common methods people use to earn residual income:
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-Selling goods online: This is one of the most common methods to earn residual income. It normally involves a fee that needs to be renewed each official website month or week, which will allow you to continue to create money after the initial sale.